Discover Savings Review

We think the Discover high-yield savings account is among the best in its class. Its combination of a high annual percentage yield (APY), focus on cutting fees, and ease of use are all factors we consider a must-have for online savings accounts. What’s more, new applicants can use code FOOL1217 to earn a $200* (deposit at least $25,000) or a $150 bonus (deposit at least $15,000). Just be sure to pay attention to the deadlines outlined below.

For these various reasons, we named Discover Savings as one of the top savings accounts on the market (review our full list of the best high-yield savings accounts for more options).

Bank Name

APY

Min. Opening Deposit

Key Features

Discover Savings

APPLY NOW

1.40%

$0

(to use offer code, deposit qualifications must be met)

-Cash bonus

-No monthly maintenance fees

-Mobile app

-Mobile deposit

What we like about Discover Savings

Up to $200 bonus — Fool’s can earn a bonus of $150 to $200 depending on amounts deposited and when opening your first Discover Savings Account before 2/28/18. A deposit by 3/14/18 of at least $25,000 qualifies for a $200 bonus and a deposit by 3/14/18 of at least $15,000 qualifies for a $150 bonus. Just be sure to use code FOOL1217 when applying.

High APY — The flat 1.40% APY is among the highest yield for online savings account providers. It’s worth mentioning that all balances qualify for the same interest rate, whereas some competing online savings accounts offer tiered rates based on account balances.

Mobile app — Discover has one of the best mobile apps of the savings-account providers we cover: The iOS app is currently rated 4.8 out of 5 stars, and the Android version has 4.5 out of 5 stars. Mobile apps are crucial for an online savings account, where customers must rely upon technology to facilitate transactions normally handled face to face at a bank. Savers can access details for all their Discover accounts, view account activity, electronically deposit checks, and transfer money.

*TO GET YOUR BONUS: APPLY FOR YOUR FIRST DISCOVER ONLINE SAVINGS ACCOUNT BY 2/28/18. ENTER OFFER CODE FOOL1217 WHEN APPLYING. DEPOSIT A TOTAL OF AT LEAST $15,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $150 BONUS OR DEPOSIT A TOTAL OF AT LEAST $25,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $200 BONUS. MAXIMUM BONUS ELIGIBILITY IS $200 PER ACCOUNT.WHAT TO KNOW: OFFER NOT VALID FOR EXISTING OR PRIOR DISCOVER SAVINGS CUSTOMERS. ACCOUNT MUST BE OPEN WHEN BONUS IS CREDITED. BONUS WILL BE CREDITED TO THE ACCOUNT BY 3/28/18. BONUS IS CONSIDERED INTEREST AND WILL BE REPORTED ON IRS FORM 1099-INT. OFFER MAY BE MODIFIED/WITHDRAWN WITHOUT NOTICE.

What could be improved for Discover Savings

Withdrawal limit fee — Discover charges $15 per transaction once you exceed six qualifying withdrawals each month. Some competing banks waive this fee.

No ATM card — One limiting aspect of the account applies to withdrawals. Discover’s Savings account does not provide an ATM or convenience card for withdrawals like the bank’s other checking and money market accounts do.

How to fund a Discover Savings account

Account holders have a standard set of options to deposit funds, including mobile check deposit, online transfer from Discover Bank account or external accounts, direct deposit, or mailing in a physical check.

How to withdraw your money

Savers have several withdrawal options that should address most people’s needs. The simplest may be setting up free electronic transfers between Discover and a brick-and-mortar bank, but outgoing wires are an option as well.

Other high-yield savings accounts to consider

We picked Discover Savings as one of the best options, but we recognize that savers have varying needs. We suggest you compare hundreds of high-yield savings accounts inside our banking center or check out our other picks for the best high-yield savings accounts to uncover a few alternatives that may better suit your needs.

Feature

Discover Savings

Synchrony Bank High-Yield Savings

CIT Bank Premier High Yield Savings

APY

1.40%

1.45%

1.55%

Min. opening deposit

$0

(to use offer code, deposit qualifications must be met)

$0

$100

Bonus

Up to $200 with qualifying deposit

$0

$0

Monthly maintenance fee

$0

$0

$0

Withdrawal limit fee

$15

$0

$0

ATM card

No

Yes

No

Free ATMs

N/A

$5 monthly rebate

N/A

Mobile app

Yes

Yes

Yes

Mobile deposit

Yes

Yes

Yes

Next steps

APPLY NOW

APPLY NOW

APPLY NOW

Bank review

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Synchrony High-Yield Savings review

CIT Bank Premier Savings review

Final take

Beating your financial goals often comes down to generating a decent return while minimizing fees. Discover Savings nails both, offering savers a competitive return on their funds and exceptionally low fees. Add in the fact that Discover offers one of the better mobile apps on the market, and you can understand why we rank this high-yield savings account favorably. Just be sure to keep an eye on the number of monthly withdrawals you make, as the over-limit fee is among the higher ones we’ve come across.